Page 46 - Taxation F6

Partnership

• A partnership is not a separate legal persona.

• This means that tax is assessed on the specific

partner rather than the partnership.

• The income of the partnership is allocated to each

partner based on the share of profits agreement

and the allowable deductions are based on the

allocation of income.

• In case that the share of profits does not exist the

allocation is equal amongst the partners.

• For capital gain purposes the allocation is equal

amongst the partners.

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